Australian dollar roars with risk rally

AUD is up and away as Goldilocks US jobs calm fears in EMs of a tearaway Fed:

The Aussie bond curve is flattening as the short end sells and long is bought:

Stocks are at new decade highs:

All aided by a higher CNY:

Iron ore is sitting it out:

Big Iron is thus mixed:

The Big Gas bull market rages on:

Big Gold is up as DXY eases:

The Big Mortgage bear market rally powers ahead:

Big Meh is meh:

It’s not as exciting as it looks. The Fed is on track and a steady climb in US wages growth only means that the cycle grinds higher for longer. If anything it will ultimately make life even harder for EMs.

But for today it’s risk awwwn.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.